Upside Of EUR/USD Should Be Bounded
Trading is neutral, but further growth is expected to resistance 1.1621 and above. Pivot points are at: (S1) 1.1354; (P) 1.1406; (R1) 1.1439.
Overcoming of low 1.1300 will resume whole downtrend from 1.2555 to fibonacci level 1.1186. Upside should be bounded by 1.1814. Trading above 1.1455 will reaffirm that consolidation from 1.1300 has started the third, rising leg.
Price moves from 1.1300 are corrective and break of that level will resume the downtrend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. If the consolidation from 1.1300 extends, upside should be limited by 1.1814 and 38.2% retracement of 1.2555 to 1.1300 at 1.1779.